Egyptian billionaire Ahmed Elsewedy’s company secures $2.2 billion power contract in Saudi Arabia

Egyptian billionaire Ahmed Elsewedy’s Elsewedy Electric has secured a $2.2 billion contract alongside China’s Sinohydro to expand Saudi Arabia’s Rabigh 2 Independent Power Plant.

According to a statement issued by Elsewedy Electric on Wednesday, October 14, the agreement was awarded to a consortium comprising Elsewedy Electric Power Systems Projects and Sinohydro, with commercial operations targeted for May 2029.

The project will add 2.3 gigawatts (GW) of electricity generation capacity to Saudi Arabia’s national grid as the Kingdom accelerates investments in electricity infrastructure under its Vision 2030 economic transformation programme.

Elsewedy Electric disclosed that the contract was awarded by Al Mourjan Two for Electricity Company and covers the engineering, procurement and construction of a natural gas-fired power plant using combined-cycle technology.

The consortium will oversee the design, equipment supply, installation, construction, commissioning and performance testing of the facility, alongside associated civil works and connection to the national electricity grid.

The expansion will feature six Siemens gas turbines and two steam turbines, alongside six heat recovery steam generators, cooling infrastructure and electrical control systems.

According to the company, overall project progress has exceeded 39%, following preliminary construction activities under an earlier limited notice to proceed.

The project has also achieved more than five million safe man-hours, reflecting the consortium’s emphasis on safety during construction.

The additional capacity is expected to support growing electricity demand across Saudi Arabia’s industrial, commercial and residential sectors.

Saudi Arabia has been expanding its electricity generation infrastructure as part of efforts to reduce dependence on liquid fuels and increase the use of natural gas and renewable energy.

Under its energy transition strategy, Saudi Arabia aims to generate approximately 50% of its electricity from renewable sources by 2030, with natural gas accounting for the remaining share.

The additional 2.3 GW from Rabigh 2 is expected to strengthen electricity supply as Saudi Arabia continues expanding its energy infrastructure to meet industrial, commercial and residential demand.

Founded in 1938, Elsewedy Electric is one of Egypt’s largest electrical equipment and infrastructure companies, with operations spanning energy, construction and digital solutions.

The Egyptian Exchange-listed company reported revenue of approximately $5.7 billion in 2025 and maintains a significant international presence.

Elsewedy Electric employs about 22,000 people, operates 34 production facilities and maintains 60 international offices, with export capacity covering more than 100 countries.

As previously reported by Nairametrics, Saudi Arabia is targeting 60 gigawatts of renewable energy capacity by 2030 as part of efforts to reduce dependence on conventional fuels.

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